Union Bank, N.A., has increased its effort to lend more loans to small business. This is done in response to the Small Business Jobs and Credit Act (HR 5297). The loan activity is expected to fulfill the increased loan demand.
The act makes funds available for increasing lending to small businesses either through SBA or other government loan programs. To capitalize on the fund availability, Heather Endresen, joined Union bank as VP and manager to mentor the bank’s business banking group. This consists of an expanded team of 12 SBA business development officers to take care of Small Business Administration (SBA) and other government lending programs. The team will leverage loans in California, Oregon and Washington. They will also be assisting businesses with SBA loans from Seattle to San Diego.
Funding with tax benefits to aid small businesses is extended under the $42-billion Small Business Jobs Act. The act creates $30 billion lending fund that the Treasury Department would make available to banks with less than 10 billion in assets.
Brett Mansfield, senior VP at Union Bank, says, “Heather’s 20-year career as an SBA lender and her thorough understanding of government-supported lending programs will help us grow this division and serve more small businesses looking to expand their companies.”
The idea to involve large banks like the Union bank is to help main-street businesses find more money and grow so as to stimulate the local economies. Union Bank, N.A is a subsidiary of the UnionBanCal Corp., a financial holding company having assets of $84 billion on June 30th. The commercial Union Bank, N.A. provides financial services to small businesses, individuals, middle-market companies, and major corporations. It has 396 banking offices in California, Oregon, Washington and Texas. There are also two international offices.
This article was submitted by Rohit Arora, co-founder of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to